BEIJING: Chicago soybean and corn slipped on Monday, as forecast for rain in US crop belt alleviated concerns over potential impact on crop yields from hot and dry weather conditions.

China June soy imports from Brazil rise 2%

Wheat edged lower after projections of strong US spring wheat yields and cheap prices offered by Black Sea exporters.

Fundamentals

• The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 1.3% at $10.35 a bushel, as of 0255 GMT.

• CBOT corn slipped 0.5% to $4.08 a bushel.

• Wheat fell 0.4% to $5.21-1/2 a bushel.

• On Thursday, the Commodity Weather Group said up to 20% of the US corn crop is likely to be stressed in the next two weeks, but more rain is now forecast in US crop belts next week.

• A federal appeals court said on Friday it rejected the Environmental Protection Agency’s decision in 2022 to deny small oil refineries temporary waivers from the nation’s biofuels blending programme, and sent the matter back to the agency for review.

• Ratings of French soft wheat fell again last week to hit another eight-year low with now only half of the crop in good condition, while harvesting remained well behind average as wet weather throughout the cycle continued to weigh on crops.

• Russian agricultural consultancy Sovecon has revised its forecast for Russia’s 2024 wheat crop to 84.7 million metric tons, up from its previous estimate of 84.2 million tons, it said on Friday.

• Ukraine’s grain exports in the 2024/25 July-June season stood at over 3 million metric tons by July 26, up sharply from 1.9 million at the same date a season earlier, agriculture ministry data showed on Friday.